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India has crossed 30 GW of solar milestone, while rooftop solar lags behind to 4.3 GW of rooftop solar installations against the government’s target to install 40 GW of rooftop solar by 2022.

Banks and financial institutions are reluctant towards financing of solar project due to liquidity crunch and weak economic conditions. Hence OPEx model is again gaining momentum in the market as it do not require an upfront investment and is beneficial for only large corporates with healthy balance sheets. There lies an untapped market for OPEX-based rooftop solar projects in the country, particularly for micro, small, and medium enterprises (MSMEs) due to millions of MSMEs in India which remain underserved by financiers due to the lack of required grade of credit rating.

Regulatory hurdles and downturn in the economy have significantly slowed down rooftop solar market development. However a serious policy push is needed to get India’s rooftop solar market back on track.